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Treasury
Publication

Half Year Economic and Fiscal Update 2016

Forecast Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June

Note 2016
Actual
$m
2017
Previous
Budget
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m
2021
Forecast
$m

Revenue

Taxation revenue 1 69,668 71,221 73,567 77,350 81,226 85,067 89,235
Other sovereign revenue 1 4,643 4,593 4,790 4,930 5,210 5,593 5,744
Total Sovereign Revenue 74,311 75,814 78,357 82,280 86,436 90,660 94,979
Sales of goods and services 16,364 17,259 16,905 17,367 18,001 18,427 18,777
Interest revenue and dividends 2 3,603 4,267 3,821 3,972 4,176 4,169 4,482
Other revenue 3,881 3,615 3,549 3,556 3,564 3,596 3,605
Total revenue earned through operations 23,848 25,141 24,275 24,895 25,741 26,192 26,864
Total revenue (excluding gains) 98,159 100,955 102,632 107,175 112,177 116,852 121,843
Expenses
Transfer payments and subsidies 3 24,312 25,395 25,566 26,223 27,059 28,133 29,265
Personnel expenses 4 21,763 22,144 22,466 22,631 22,803 22,884 23,094
Depreciation and amortisation 5 4,875 5,200 5,116 5,283 5,499 5,583 5,634
Other operating expenses 6 35,869 38,666 39,522 38,660 38,666 38,979 39,076
Finance costs 7 4,336 4,566 4,384 4,441 4,441 4,175 4,183
Insurance expenses 8 4,725 4,239 5,307 4,744 4,841 5,194 5,541
Forecast new operating spending 9 534 368 1,986 3,538 5,054 6,415
Top-down expense adjustment 9 (1,025) (1,025) (575) (500) (400) (400)
Total expenses (excluding losses) 95,880 99,719 101,704 103,393 106,347 109,602 112,808
Minority interests share of operating balance before gains/(losses) (448) (517) (455) (442) (464) (478) (486)
Operating balance before gains/(losses) (excluding minority interests) 1,831 719 473 3,340 5,366 6,772 8,549
Net gains/(losses) on financial instruments 10 1,117 2,111 4,080 2,594 2,696 2,954 3,184
Net gains/(losses) on non-financial instruments 11 (8,636) (54) (992) (90) (89) (72) (63)
Less minority interests share of net gains/losses 12 (4) (14) (21) (8) (4) (5)
Gains/(losses) (excluding minority interests) (7,507) 2,053 3,074 2,483 2,599 2,878 3,116
Net surplus/(deficit) from associates and joint ventures 307 286 248 226 248 250 252
Operating balance (excluding minority interests) 12 (5,369) 3,058 3,795 6,049 8,213 9,900 11,917

The accompanying notes and accounting policies are an integral part of these Statements.

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